Circular A 5067: Adjustments to Cooperative Credit Unions, Minimum Capital, Debt Classification, Public Sector Financing, Guarantees, Credit Policy, Liquidity Position, and Complementary Services

"2010 - YEAR OF THE BICENTENNIAL OF THE MAY REVOLUTION" COMMUNICATION “A” 5067 14/04/2010 TO FINANCIAL ENTITIES:
Ref.: Circular
OPRAC 1 - 640
LISOL 1 - 517
RUNOR 1 - 919
Cooperative Credit Unions (Law 26.173).
Minimum capital of financial entities.
Debt classification. Financing to the non-financial public sector. Guarantees. Credit policy. Liquidity position. Complementary services of the financial activity and permitted activities. Adjustments . ______ We address you to inform you that, given the adjustments introduced in the Plan and Chart of Accounts and in the reporting regimes by Communication “A” 5047, the points detailed below are adjusted:

• 2.5.4.9. of Section 2., 5.2.4. and 5.5.12. of Section 5. of the rules on “Cooperative Credit Unions (Law 26.173)”,
• 5. of Section 4. of the rules on “Minimum capital of financial entities”,
• 2.1.3. of Section 2. of the rules on “Debt classification”,
• 3.1.4. of Section 3. of the rules on “Financing to the non-financial public sector”,
• 1.2.4. of Section 1. and 3.1.18. of Section 3. of the rules on “Guarantees”,
• 1.2. of Section 1. of the rules on “Credit policy”,
• 3.1.1.3., 3.2.2.5. subsection iii), 3.2.3.3. and 3.2.4.3. of Section 3. of the rules on “Liquidity position”, and
• 2.2.8. of Section 2. of the rules on “Complementary services of the financial activity and
  permitted activities”.
  Additionally, the clarification made known by Communication “B” 9763 is incorporated in the aforementioned point 1.2. of the rules on “Credit policy”. On the other hand, a formal error in the title of point 3.1. of Section 3. of the rules on “Financing to the non-financial public sector” is corrected.

-2-
We send you the sheets that, in replacement of those previously provided, should be incorporated into the ordered texts of the reference. Likewise, it is recalled that on the website of this Institution www.bcra.gov.ar, accessing “regulations” (“ordered texts”), the modifications made with text highlighted in special characters (strikethrough and bold) will be found. We salute you very attentively. CENTRAL BANK OF THE ARGENTINE REPUBLIC Darío C. Stefanelli Alfredo A. Besio Manager of Issuance of Regulations General Manager of Regulations a/c
ANNEX

2.5.4.6. Financings covered with guarantees or sureties granted by reciprocal guarantee societies registered in the registry authorized by the B.C.R.A. or by national or provincial funds constituted with the same object as those societies, admitted by this Institution. 50
2.5.4.7. “Warrants” on fungible goods that have normal and habitual quotation in local or international markets,
of wide dissemination and easy access to public knowledge, considering the established coverage margins (point 5.5. of
Section 5.). 75
2.5.4.8. Accounts receivable from consumers for services already provided,
issued by service provider companies to the public, considering the established coverage margins (point 5.5. of
Section 5.). 75
2.5.4.9. Credits for financial leases on real estate, motor vehicles and agricultural, road and industrial
machinery (insofar as they are registered in the pertinent national registry of motor vehicle ownership and have a market that allows obtaining a reference value), considering the established coverage margins (point 5.5. of Section 5.) 50
2.5.4.10. Other financings -including national public securities,
provided they have quotation on stock exchanges and markets in which they are traded-, those that have the guarantees provided in points 2.5.4.3., 2.5.4.5., 2.5.4.7, 2.5.4.8. or 2.5.4.9. when the coverage margins are lower than those corresponding according to the rules of Section 5., and other assets. 100
2.6. Requirement for other risks.
2.6.1. Interest rate risk.
Cooperative credit unions will observe in this matter the provisions that the Central Bank of the Argentine Republic specifically establishes for this class of entities.
2.6.2. Market risk.
No requirement will be observed. The assets and off-balance sheet accounts involved will be subject to credit risk requirement. COOPERATIVE CREDIT UNIONS (LAW 26.173) B.C.R.A.
Section 2. Minimum capital and distribution of social capital.
Version: 2nd. COMMUNICATION “A” 5067
Validity:
14/04/2010

The following are included in this category, as an exhaustive enumeration:
5.2.1. First-degree mortgage on real estate or any degree of priority
provided the entity is the creditor in all degrees.
5.2.2. Fixed pledge with first-degree registration or with displacement towards the entity on
motor vehicles and machines -insofar as they are registered in the pertinent national registry of motor vehicle ownership and have a market that allows obtaining a reference value-.
5.2.3. Guarantees or sureties granted by reciprocal guarantee societies registered in the Registry authorized by the Central Bank of the Argentine Republic or by national
and provincial funds constituted with the same object as those societies, admitted by this Institution, regardless of the term of the operation, insofar as the requirement mentioned in point 5.1.6. is not met.
5.2.4. Credits for financial leases (“leasing”) that have been agreed upon in accordance with
the provisions of Law 25.248 on real estate and on motor vehicles and agricultural, road and industrial machinery (insofar as they are registered in the pertinent national registry of motor vehicle ownership and have a market that allows obtaining a reference value).
5.2.5. Guarantee trusts constituted in accordance with the provisions of Title I of
Law 24.441 with the object of backing the payment of financings granted for the construction of real estate provided that, at a minimum, the following requirements are verified:
5.2.5.1. The owner of the title cedes to the guarantee trust the real estate on which
the construction of the project will take place and the rights and other assets resulting from the execution and completion of the works and their commercialization in fiduciary ownership, with the scope agreed upon in the trust contract.
5.2.5.2. The proceeds from such commercialization are destined to the partial or total cancellation of the obligations incurred by the borrower for the financing agreed upon in the terms established in the trust contract.
5.2.5.3. The trustee of the guarantee trust is not the lending financial entity
or persons linked to it.
5.2.5.4. The trustee has broad powers to effectively control the tasks provided for in point 5.2.5.1., as well as to remove from their
functions the natural or legal persons who have been designated to carry them out and designate their replacements, in case of non-compliance or poor performance of their functions.
5.2.5.5. The ceded assets are free of encumbrances.
COOPERATIVE CREDIT UNIONS (LAW 26.173)
B.C.R.A.
Section 5. Guarantees.
Version: 2nd. COMMUNICATION “A” 5067
Validity:
14/04/2010

5.5.10. First-degree mortgage on real estate, and any degree of priority
provided the entity is the creditor in all degrees (point 5.2.1.):
5.5.10.1. On real estate for own home -unique, family and permanent occupation- and that are subject to the encumbrance, in the case of new financings, only when they imply disbursements up to $ 200,000 and do not
involve refinancings: 100% of the appraised value of the property.
5.5.10.2. On real estate for own home -unique, family and permanent occupation- and that are subject to the encumbrance, in the case of new financings, only when they imply disbursements greater than $ 200,000 and up to $ 300,000, that are agreed upon and made effective from 1.8.06 and do not
involve refinancings: 90% of the appraised value of the property.
5.5.10.3. On real estate for own home that are subject to the encumbrance in
the remaining financings: 75% of the appraised value of the property.
5.5.10.4. On real estate for uses other than own home: 50% of the appraised value of the property.
5.5.11. Fixed pledge with first-degree registration or with displacement towards the entity (point
5.2.2.):
5.5.11.1. Motor vehicles and machines: 75% of the market value.
5.5.11.2. Industrial machines: 60% of the market value.
5.5.12. Credits for financial leases (point 5.2.4.):
5.5.12.1. Real estate for the tenant's own home -unique, family and permanent occupation-,
in the case of new financings up to $
200,000, that are agreed upon and made effective from 1.8.06 and do not involve a renegotiation of the contract: 100% of the value of the property.
5.5.12.2. Real estate for the tenant's own home -unique, family and permanent occupation-,
in the case of new financings greater than
$ 200,000 and up to $ 300,000, that are agreed upon and made effective from
1.8.06 and do not involve a renegotiation of the contract: 90% of the value of the property.
5.5.12.3. Real estate for the tenant's home not included in the preceding point: 75% of the appraised value of the property.
5.5.12.4. Other real estate: 50% of the appraised value of the property.
5.5.12.5. Motor vehicles and agricultural machines: 75% of the appraised value of the
real estate (land plus construction progress).
5.5.12.6. Road and industrial machines: 60% of the appraised value of the property.
COOPERATIVE CREDIT UNIONS (LAW 26.173)
B.C.R.A.
Section 5. Guarantees.
Version: 2nd. COMMUNICATION “A” 5067
Validity:
14/04/2010

ORDERED TEXT SOURCE NORM
Sec. Point Par. Com. Annex Ch. Sec. Point Par.
OBSERVATIONS
1.1. “A” 4712 Unique 1. 1.1.
1.2. “A” 4712 Unique 1. 1.2.
1.3. “A” 4712 Unique 1. 1.3.
1.4. “A” 4712 Unique 1. 1.4.
1.5. “A” 4712 Unique 1. 1.5.
1.6. “A” 4712 Unique 1. 1.6.
1.
1.7. “A” 4712 Unique 1. 1.7.
2.1. “A” 4712 Unique 2. 2.1.
2.2. “A” 4712 Unique 2. 2.2.
2.3. “A” 4712 Unique 2. 2.3.
2.4. “A” 4712 Unique 2. 2.4.
2.5. “A” 4712 Unique 2. 2.5. According to Com. “B” 9186 and
“A” 5067.
2.6. “A” 4712 Unique 2. 2.6.
2.7. “A” 4712 Unique 2. 2.7. According to Com. “A” 4972
(point 9.).
2.8. “A” 4712 Unique 2. 2.8.
2.
2.9. “A” 4712 Unique 2. 2.9.
3.1. “A” 4712 Unique 3. 3.1.
3.2. “A” 4712 Unique 3. 3.2.
3.3. “A” 4712 Unique 3. 3.3. According to Com. “A” 4809.
3.4. “A” 4712 Unique 3. 3.4.
3.5. “A” 4712 Unique 3. 3.5.
3.6. “A” 4712 Unique 3. 3.6.
3.
3.7. “A” 4712 Unique 3. 3.7.
4.1. “A” 4712 Unique 4. 4.1.
4.2. “A” 4712 Unique 4. 4.2.
4.3. “A” 4712 Unique 4. 4.3. According to Com. “A” 4891
(points 9 to 12).
4.4. “A” 4712 Unique 4. 4.4.
4.5. “A” 4712 Unique 4. 4.5.
4.6. “A” 4712 Unique 4. 4.6.
4.7. “A” 4712 Unique 4. 4.7.
4.
4.8. “A” 4712 Unique 4. 4.8. According to Com. “B” 9186 and
“A” 4972 (point 6).
5.1. “A” 4712 Unique 5. 5.1.
5.2. “A” 4712 Unique 5. 5.2. According to Com. “A” 5067.
5.3. “A” 4712 Unique 5. 5.3.
5.4. “A” 4712 Unique 5. 5.4.
5.5. “A” 4712 Unique 5. 5.5. According to Com. “A” 5067.
5.6. “A” 4712 Unique 5. 5.6.
5.
5.7. “A” 4712 Unique 5. 5.7.
6.1. “A” 4712 Unique 6. 6.1.
6.2. “A” 4712 Unique 6. 6.2.
6.
6.3. “A” 4712 Unique 6. 6.3.
B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE RULES ON “COOPERATIVE CREDIT UNIONS (LAW 26.173)”

4.13.2. Others with international risk rating included
in the “investment grade” category. 20
4.14. With the financial sector.
Official banks of the Nation -whose operations have the guarantee of the National State-, and banks of provinces, municipalities and the Government of the City of Buenos Aires, with respect to financings that have a guarantee of resources coming from the federal tax sharing or the Federal Housing System (Law 24.464), through the assignment (direct or indirect) of the corresponding rights. 50
4.15. With surety of banks from abroad.
4.15.1. Parent house or controlling bank of the local financial entity
or its branches in other countries and their subsidiaries, provided they are subject to a consolidated supervision regime and that the parent house or controlling bank is located in countries members of the Organization for Economic Cooperation and Development (O.E.C.D.) that have an international risk rating of “AA” or higher or in other countries whose central banks or equivalent supervisory authority have signed with the B.C.R.A. agreements on cooperation in banking supervision matters. 0
4.15.2. Other foreign banks with international risk rating included in the “investment grade” category. 20
4.16. Advances and loans to the Deposit Guarantee Fund, linked to the reduction of contributions established by the
Central Bank of the Argentine Republic. 0
5. Credits for financial leases.
5.1. Real estate.
5.1.1. For the tenant's home.
5.1.1.1. On 75% of the value of the assets. 50
5.1.1.2. On the rest of the financing. 100
5.1.2. For the tenant's own home -unique, family and permanent occupation-.
The condition of unique, family and permanent occupation must be accredited in the terms stated in the contract. MINIMUM CAPITAL OF FINANCIAL ENTITIES B.C.R.A.
Section 4. Risk weight table.
Version: 8th. COMMUNICATION “A” 5067
Validity:
14/04/2010

MINIMUM CAPITAL OF FINANCIAL ENTITIES
ORDERED TEXT SOURCE NORM
Sec. Point Par. Com.
Ch./
Annex
Point Par.
Observations
3.2. “A” 2136 I According to Com. “A” 2541, annex,
3133 and 3959.
3.3.

Se incluyen en esta categoría, con el carácter de enumeración taxativa, las siguientes:
1.2.1. First-degree mortgage on real estate, and regardless of its degree of priority provided the entity is the creditor in all degrees.
1.2.2. Fixed pledge with first-degree registration or with displacement to the entity regarding motor vehicles and agricultural, road, and industrial machinery (to the extent that they are registered in the pertinent national motor vehicle property registry and have a market that allows obtaining a reference value).
1.2.3. Guarantees or sureties granted by reciprocal guarantee societies registered in the Registry enabled at the Central Bank of the Argentine Republic or by national and provincial funds constituted with the same object as those societies, admitted by this Institution, regardless of the term of the operation, to the extent that the requirement mentioned in point 1.1.15 is not met.
1.2.4. Credits from financial leases ("leasing") that had been agreed upon in accordance with the provisions of Law 25.248 on real estate and on motor vehicles and agricultural, road, and industrial machinery (to the extent that they are registered in the pertinent national motor vehicle property registry and have a market that allows obtaining a reference value).
1.2.5. Export credit insurance, to the extent that the terms for the effective realization of claims for commercial risk exceed 180 days without exceeding 270 days counted in a continuous manner from the maturity of the credits, regardless of the term of the operation, and the other precautions provided for in point 1.1.16 are observed.
1.2.6. "A" Preferred shares, in operations with a residual term greater than 6 months or to the term that is specifically established.
Operations referred to in point 1.1.10 that exceed the term of 6 months are not included.
1.2.7. Guarantee trusts constituted in accordance with the provisions of Title I of Law 24.441 with the object of backing the payment of financings granted for the construction of real estate, provided that, at a minimum, the following requirements are verified:
1.2.7.1. The titleholder cedes to the guarantee trust the real estate on which the construction of the project will take place and the rights and other assets resulting from the execution and completion of the works and their commercialization in fiduciary ownership, with the scope agreed upon in the trust contract.
1.2.7.2. The proceeds from said commercialization are destined to the partial or total cancellation of the obligations contracted by the borrower in connection with the financing agreed upon in the terms established in the trust contract.

GUARANTEES
B.C.R.A.
Section 1. Types.
Version: 9th. COMMUNICATION "A" 5067
Validity:
14/04/2010

3.1.11. Direct guarantees from foreign governments (point 1.1.11.): 100%.
3.1.12. Assignment of rights over the collection of tariffs and taxes in public works concessions (point 1.1.12.): 80%.
3.1.13. Private securities (point 1.1.13.): 70% of their quotation value.
3.1.14. First-degree mortgage on real estate, and regardless of its degree of priority provided the entity is the creditor in all degrees (point 1.2.1.):
3.1.14.1. On real estate for own home -unique, family, and permanent occupation- and which are subject to the encumbrance, in the case of new financings, only when they imply disbursements up to $ 200,000, which are agreed upon and made effective from 1.8.06 and do not involve refinancing:
100% of the appraised value of the property.
3.1.14.2. On real estate for own home -unique, family, and permanent occupation- and which are subject to the encumbrance, in the case of new financings, only when they imply disbursements greater than $ 200,000 and up to $ 300,000, which are agreed upon and made effective from 1.8.06 and do not involve refinancing: 90% of the appraised value of the property.
3.1.14.3. On real estate for own home which are subject to the encumbrance in the remaining financings: 75% of the appraised value of the property.
3.1.14.4. On real estate for uses other than own home: 50% of the appraised value of the property.
3.1.15. Fixed pledge with first-degree registration or with displacement to the entity (point
1.2.2.):
3.1.15.1. Motor vehicles and agricultural machinery: 75% of the market value.
3.1.15.2. Road and industrial machinery: 60% of the market value.
3.1.16. From reciprocal guarantee societies or national and provincial funds constituted with the same object as those societies (points 1.1.15. and 1.2.3.): 100%.
3.1.17. Credit instruments (point 1.1.14.): 100% of the nominal value of the documents.
3.1.18. Credits from financial leases (point 1.2.4.):
3.1.18.1. Real estate for the lessee's own home -unique, family, and permanent occupation-, in the case of new financings up to
$ 200,000, which are agreed upon and made effective from 1.8.06 and do not involve a renegotiation of the contract: 100% of the value of the property.

GUARANTEES
B.C.R.A.
Section 3. Computation.
Version: 12th. COMMUNICATION "A" 5067
Validity:
14/04/2010

ORDERED TEXT ORIGIN NORM
Section Point Paragraph Com. Annex Point Paragraph
Observations
1.1. "A" 2932 unique 1.1. According to Com. "A" 4242.
1.1.1. "A" 2216 I 1. 3rd, a) According to Com. "A" 2443, 2932,
3918 and 4242.
1.1.2. "A" 2216 I
1.
3rd, a) According to Com. "A" 2443, 2932 and
3918.
1.1.3. "A" 2216 I 1. 3rd, b) According to Com. "A" 2932, 3918 and
4242.
1.1.4. "A" 2216 I 1. 3rd, c) According to Com. "A" 2932 and 4242.
1.1.5. "A" 2216 I 1. 3rd, d) According to Com. "A" 2932 and 4741.
1.1.6. "A" 2216 I 1. 3rd, e) According to Com. "A" 2932, 3918 and
4242.
1.1.7. "A" 2216 I 1. 3rd, g) According to Com. "A" 2932.
1.1.8. "A" 2216 I 1. 3rd, h) According to Com. "A" 2932.
1.1.9. "A" 2216 I 1. 3rd, i) According to Com. "A" 2932.
1.1.10. "A" 2932 unique 1.1.11. According to Com. "A" 3104, 4242,
4522 and 4957.
1.1.11. "A" 2932 unique 1.1.12. According to Com. "A" 4141.
1.1.12. "A" 2932 unique 1.1.13. According to Com "A" 4242.
1.1.13.
1.1.13. 2nd
"A" 2932 unique 1.1.14.
According to Com. "A" 3918.
1.1.14. "A" 3114 1.
1.1.14.1. 1st "A" 3114 According to Com. "A" 3918 and 4055.
1.1.14.2. "A" 3114 1. According to Com. "A" 3918 and 4055.
1.1.15. "A" 3141 According to Com. "A" 3307, 3918 and
4465.
1.1.16. "A" 3314 According to Com. "A" 4529.
1.2. "A" 2932 unique 1.2. According to Com. "A" 3104.
1.2.1. "A" 2419 1. 1st According to Com. "A" 2563 (points

1. and 2.), 2932 and 3314.
   1.2.2. "A" 2448 Debtor status report (point 6.1.2.2.2.), Com.
   "A" 2932 and 3918.
   "A" 2448 Debtor status report (point 6.1.2.2.2.). Com.
   "A" 2932 and 3918.
   1.2.3.
   "A" 2410 7. According to Com. "A" 3141.
   1.2.4. "A" 3259 1. According to Com. "A" 3314 and 5067.
   1.2.5. "A" 3314 According to Com. "A" 4529.
   1.2.6. "A" 2932 unique 1.2.4. According to Com. "A" 4242.
   1.2.7. "A" 4491 1. According to Com. "A" 4501.

1.3. "A" 7 Specifications of the items of "other guarantees received", modified by Com. "A"
2932.
B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE RULES ON "GUARANTEES"

ORDERED TEXT ORIGIN NORM
Section Point Paragraph Com. Annex Point Paragraph
Observations
2.1. 1st "A" 2448 Debtor status report (point 6.1.2.2.2.).
2.1. 2nd "A" 2932 unique 2.1. 2nd
2.
2.2. "A" 2216 I 1. 4th
3.1. "A" 2932 unique 3.1.
3.1.1. "A" 2932 unique 3.1.1. According to Com. "A" 3918.
3.1.2. "A" 2932 unique 3.1.2.
3.1.3. "A" 2932 unique 3.1.3. According to Com. "A" 3918.
3.1.4. "A" 2932 unique 3.1.4.
3.1.5. "A" 2932 unique 3.1.5. According to Com. "A" 3918, 4242 and
4741.
3.1.6. "A" 2932 unique 3.1.6. According to Com. "A" 3918.
3.1.7. "A" 2216 I 1. 3rd, g) According to Com. "A" 2932.
3.1.8. "A" 2216 I 1. 3rd, h) According to Com. "A" 2932.
3.1.9. "A" 2216 I 1. 3rd, i) According to Com. "A" 2932.
3.1.10. "A" 2932 unique 3.1.11. According to Com. "A" 3104 and 4522.
3.1.11. "A" 2932 unique 3.1.12. According to Com. "A" 3918.
3.1.12. "A" 2932 unique 3.1.13.
3.1.13. "A" 2932 unique 3.1.14.
3.1.14. "A" 2419 1. 1st, ii) According to Com. "A" 2932, 3314,
3918, 4551, point 2. and 4559, point 3.
3.1.15. "A" 2932 unique 3.1.18. According to Com. "A" 3918.
3.1.16. "A" 2932 unique 3.1.19. According to Com. "A" 3141, 3918,
4242 and 4465.
3.1.17. "A" 3114 2. According to Com. "A" 4242.
3.1.18. "A" 3259 2. According to Com. "A" 5067.
3.1.18.1. "A" 4559 5.
3.1.18.2. "A" 4559 5.
3.1.18.3. "A" 3259 2. According to Com. "A" 3314, 3918 and
4559, point 5.
3.1.18.4. "A" 3259 2. According to Com. "A" 3918, point
4.
3.1.18.5. "A" 3259 2. According to Com. "A" 3314, point
3.
3.1.18.6. "A" 3314 6.
3.1.19. "A" 3314
3.1.20. "A" 4491 1. According to Com. "A" 4501.
3.
3.2. "A" 2216 II 5th According to Com. "A" 3918.

1.1. General criterion.
The credit assistance granted by financial entities must be oriented towards financing the investment, production, commercialization, and consumption of goods and services required by both domestic demand and the country's exports.
1.2. Included financings.
The totality of financings that are registered, regardless of the modalities used, whether granted directly, instrumented in the form of financial lease ("leasing"), negotiable bonds, or incorporated by purchase or assignment, including those comprising asset portfolios for which debt titles or participations (financial trusts, common investment funds, etc.) are held, and regardless of the sources of funds to which they are susceptible to be imputed, shall be adequate to the criteria applicable in matters of credit policy, without prejudice to the observance of special norms to which they are subject for their application.
1.3. Credit management.
Financial entities may freely define the conditions and instrumentality of their credit operations, in compliance with the norms on "Credit Management" and "Interest Rates in Credit Operations".

CREDIT POLICY B.C.R.A.
Section 1. General credit policy.
Version: 3rd. COMMUNICATION "A" 5067
Validity:
14/04/2010

ORDERED TEXT ORIGIN NORM OBSERVATIONS
Sec. Point Para. Com. Annex Ch. Sec. Point Para.
1.1. "A" 49
OPRAC-1
I 1.1.
1.2. "A" 4311 Includes concept according to
points 6. and 7.5. of the
Com. "A" 2736. According to Com. "C" 50798, "A" 4851, "B" 9763 and "A" 5067. 1.
1.3. "A" 49
OPRAC-1
I 1.2.
2.1. "A" 3528 1. According to Com. "A" 4147,
Annex.
2.1.1. 1st "A" 3528 1.1. According to Com. "A" 4015,
4311, 4423 and 4851.
2.1.2. "A" 4015 1.2. Includes interpretative clarification and Com. "A"
4851.
2.1.3. "A" 4015 1.3.
2.1.4. "A" 4423
2.1.5 "A" 4453 According to Com. "A" 4577.
2.1.6. "A" 4011 1.4. 1st According to Com. "A" 4015,
4311 and 4851.
2.1.7. "A" 4168 1. According to Com. "A" 4465 and
4851.
2.1.8. "A" 4015 1.4. last According to Com. "A" 4311 and
4851.
2.1.9. "A" 3528 1.2. According to Com. "A" 4140 and
4311.
2.1. last "A" 4851 4.
2.2. "A" 4015 1. 2nd According to Com. "A" 4311,
4453 and 4577.
2.3. "A" 4015 1. 3rd
2.4. "A" 4311
2.5. "A" 4311
1st "A" 3528 1. 2nd According to Com. "A" 4015 and 4147.
2.6.
2nd and last
"A" 4159 3.1. 5th and last
Section 3. of the reporting regime on minimum
cash and application of resources. Includes interpretative clarification. 2.
2.7. "A" 3528 1. 3rd According to Com. "A" 4015,
4140, 4549 and 4716.
3. 3.1. "A" 4140 II 1. 2nd
3.2. "A" 4311 Includes concept according to
points 6. and 7.5. of the
Com. "A" 2736.
4. 4.1. "A" 4311
5. 5.1. "A" 4311
5.2. "A" 4311
B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE
ORDERED TEXT OF THE
RULES ON "CREDIT POLICY"

3.1.1.2. Public and private securities, from the country or abroad, except those that integrate the concept of "liquid assets", disaggregated into national, provincial, municipal, and foreign.
Provisions for risks of uncollectability and devaluation shall be considered separately and in an aggregated manner.
3.1.1.3. Loans, other credits from financial intermediation, and credits from
financial leases, disaggregated into:
i) To the non-financial public sector. ii) To the remaining sectors, with preferred guarantee "A". With disaggregation by category according to the norms on classification of debtors:
iii) To the financial sector. iv) Commercial portfolio. v) Portfolio for consumption or housing, including credits of a commercial nature regarding which the option to classify them within the consumption portfolio has been exercised. Within each classification category, these financings shall be disaggregated into:
a) Pledge loans. b) Mortgage loans (for housing). c) Others.
In an aggregated manner:
vi) Other financings.

LIQUIDITY POSITION
B.C.R.A.
Section 3. Elaboration.
Version: 4th. COMMUNICATION "A" 5067
Validity:
14/04/2010

Tvij
: variation rate for concept i in period j.
3.2.2.5. Computable concepts shall be considered according to the following guidelines:
i) Liquid assets.
According to the contractual situation, with the following caveat.
Regarding the available margins upon simple request, for lines of local financial entities and foreign banks faithfully instrumented, it shall be considered that they are used in their totality in the first week and that they are cancelled after 24 months. In the event that a part of those margins has been used previously, their cancellation shall be computed in the first week and simultaneously integrated as an available margin up to reaching the agreed quota. ii) Uncotized securities. According to the contractual situation. iii) Loans, other credits from financial intermediation, and credits from financial leases. According to the contractual situation and what is provided in points 3.2.2.1. to 3.2.2.4. iv) Deposits and investments. According to the contractual situation and what is provided in points 3.2.2.1. to 3.2.2.4. v) Other obligations from financial intermediation.

LIQUIDITY POSITION
B.C.R.A.
Section 3. Elaboration.
Version: 3rd. COMMUNICATION "A" 5067
Validity:
14/04/2010

3.2.3.3. Loans, other credits from financial intermediation, and credits from
financial leases.
It shall be considered that the recoveries of credits from the commercial and consumption or housing portfolios to borrowers from the non-financial private sector classified in the categories "in normal situation" or "normal compliance" and "with potential risk" or "inadequate compliance" are equivalent to 20% and 10%, respectively, of the maturities reported according to the contractual situation for the first week, renewing or granting new financings for the remainder, with maturity in the following month. In the cases of maturities in subsequent periods, an equal recovery scheme shall be considered, taking into account in addition the effect of the renewals or financings of preceding periods. Consequently, the flows corresponding to the first four weeks shall be equivalent to the maturities according to the contractual situation multiplied by the respective recovery coefficient. From the first month, considered first period (j = 1), the flows shall be calculated applying the following formula:
j
Fij = αA * Σ (1 - αA) j-k Vik k=1 where
Fij
: flow for concept i in period j.
αA: asset recovery coefficient.
Vik: maturities of concept i in period k.

LIQUIDITY POSITION
B.C.R.A.
Section 3. Elaboration.
Version: 3rd. COMMUNICATION "A" 5067
Validity:
14/04/2010

i) Public and private securities:
They shall be valued at 60% and 40% of their respective market prices, except for the part of the holding regarding which the entity has effectuated a cash sale for settlement or forward -linked or not to swaps- or is the holder of the right to exercise a sale option to a foreign bank -or its local branch or subsidiary- with international risk rating "A" or higher granted by any of the rating agencies admitted by the norms on evaluation of financial entities. In these cases, the exercise value stipulated in the contract shall be considered. ii) Available margins upon simple request for lines of local financial entities faithfully instrumented:
The 0% utilization shall be considered. iii) Available margins upon simple request for lines of foreign banks faithfully instrumented:
It shall be considered that they are used in their entirety in the first week and that they are cancelled at their maturity, without renewal. iv) Minimum cash. The 50% shall be computed.
3.2.4.2. Uncotized securities.
According to the contractual situation.
3.2.4.3. Loans, other credits from financial intermediation, and credits from
financial leases.

LIQUIDITY POSITION
B.C.R.A.
Section 3. Elaboration.
Version: 3rd. COMMUNICATION "A" 5067
Validity:
14/04/2010

ORDERED TEXT ORIGIN NORM
Section Point Paragraph Com. Annex Point Paragraph Observations
1.1. "A" 2690 unique 1. 1st a 3rd

1. 1.2. "A" 2690 unique 1. 4th and
   last
   Includes Interpretative Clarification. According to Com. "A" 3558.
   2.1. "A" 2690 unique 2.
   2.2. "A" 2690 unique 3.
2. "A" 2374 7.
   "A" 2696 Procedure norms
   (point 4.).
   3.1. "A" 2690 unique 3. Modified by Com. "A"

"A" 2839 Procedure norms (correspondence table).
Points 3.1.1.3. ii) and 3.1.5.3.
(according to Communication "A"
2932, point 15 and "A" 5067).
Point 3.1.1.1.:
iv), according to Com. "A" 3274 i) ii) and vi), according to Com. "A" 3558. Point 3.1.3., per Com. "A" 3558.
3.2. "A" 2690 unique 4. Per Com. "A" 3558 and 5067.
"A" 2696 Procedure norms
(points 1. to 4.). In point
3.2.2.2. includes Interpretative Clarification.
3.
3.3. "A" 2696 Procedure norms
(points 1.6. to 1.9.). Per Com.
"A" 3558.
4. "A" 2690 unique 5.
"A" 2690 unique 6. last
5. "A" 2839 Procedure norms (page 10).
B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE
ORDERED TEXT OF THE
RULES ON
"LIQUIDITY POSITION"

COMPLEMENTARY SERVICES OF THE FINANCIAL ACTIVITY AND B.C.R.A. PERMITTED ACTIVITIES
Section 2. Complementary services.
2.1. Scope.
Commercial banks and financial companies may maintain equity participations in companies from the country or abroad whose exclusive object is the activities mentioned in point 2.2., greater than 12.5% of the share capital or of the total votes or lower percentages if that is sufficient to form the social will in the shareholders' meetings or board meetings of said companies, subject to compliance with the provisions contained in points 2.3. or 2.4., as applicable. In the cases of other banks, savings and loan societies for housing or other real estate, and credit unions, those participations may be maintained to the extent that the nature of the activity is compatible with the type of entity, according to the operations authorized in the Financial Entities Law.
2.2. Included activities.
2.2.1. Stock or over-the-counter agent in stock or securities markets.
2.2.2. Operation and administration of automated teller machine networks.
2.2.3. Electronic transmission systems of transactions with entities and/or their clients.
2.2.4. Administration of pension and retirement funds.
2.2.5. Administration of common investment fund portfolios (management company).
2.2.6. Issuance of credit, debit, and similar cards.
2.2.7. Administration of closed savings circles.
2.2.8. Financial assistance through capital, durable, and real estate asset leasing operations acquired for such purpose ("leasing") or on credits arising from sales ("factoring").
2.2.9. Management of collection of public service bills, credits, and similar, and service of
payment of salaries, payment to suppliers, and collection of revenues.
Version: 2nd. COMMUNICATION "A" 5067
Validity:
14/04/2010

B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON "COMPLEMENTARY SERVICES OF THE FINANCIAL ACTIVITY AND PERMITTED ACTIVITIES" ORDERED TEXT ORIGIN NORM Sec. Point Para. Com. Annex Ch. Sec. Point Para. OBSERVATIONS
1.1. 1st "A" 2384 2.
2nd "A" 2384 2. Incorporates Interpretative Clarification.
1st and
2nd
"A" 3086
1.
1.2.
3rd "A" 2384 Per Com. "A" 3086.
2.1. 1st "A" 2619 Per Com. "A" 2988 and 3086.
2nd "A" 3086
2.2.1. "A" 2056 2. 1st
2.2.2. a
2.2.3.
"A" 3086
2.2.4. "A" 2155
2.2.5. "A" 2197
2.2.6. a
2.2.18.
"A" 3086 Per Com. "A" 5067.
2.2.19. "A" 2557 Unique 2. 1st
2.2.20. "A" 3086
2.2.21. "A" 4891 3.
2.3.1. "A" 2619 1st Per Com. "A" 2988, 3086 and
4891 (point 4.).
2.3.1.1. "A" 2619 1st Per Com. "A" 3086.
2.3.1.2. "A" 2619 1st Per Com. "A" 3086.
2.3.2. "A" 2619 2nd
2.3.2.1. "A" 2619 2nd
2.3.2.2. "A" 2619 2nd Per Com. "A" 3086.
2.3.2.2.i) "A" 2619 4th a)
2.3.2.2.ii) "A" 2619 4th b)
2.3.2.3. "A" 2619 2nd
2.3.2.4. "A" 2619 2nd Per Com. "A" 3086.
2.3.2.5. a
2.3.2.6.
"A" 2619 2nd
2.3.3. "A" 2619 3rd Per Com. "A" 3086.
2.3.4. "A" 2619 5th Per Com. "A" 3086.
2.4. "A" 3086
2.
2.5. "A" 2619 Last Per Com. "A" 2988 and 3086.
3.1. 1st "A" 3086
3.1.1. "A" 2056 1.
3.1.2. "A" 2384 1. 1st and
2nd
2nd "A" 2056
"A" 2384
1.

1. 3rd
   3.1.
   3rd "A" 3086
   3.2. 1st "A" 2206 1. and

Per Com. "A" 3086.
3.
3.2. 2nd "A" 3086